Interswitch, Visa partner on mobile money

Visa Incorporated and Interswitch have partnered to deepen mobile payment adoption across Africa.

The partnership will see the two payment firms upgrade the digital banking applications of leading banks to include mVisa, as well as enable more merchants to accept mVisa payments.

mVisa is an innovative mobile payments solution that allows consumers to pay for goods from any type of phone by either scanning a QR code , or entering a merchant number. Payment goes straight from the consumer’s account into the merchant’s account and provides real-time notification to both parties. mVisa is completely interoperable, meaning that the consumer and the merchant do not need to be customers of the same bank. It can also be used to enable consumers who use different mobile phones and services to interact. This brings a versatile and secure mobile money solution, powered by Visa, to consumers everywhere.

Consumers will experience the same look, feel and familiarity of their banking app but now they will have the option of making an mVisa payment in an easy-to-understand way. The solution is expected to be rolled out to Nigerian consumers before the end of this year.

The partnership will also enable more merchants to accept mVisa, which will benefit the millions of local merchants and small medium enterprises (SMEs) who represent up to 60 percent of Nigeria’s economy. The mVisa solution will allow informal traders to accept electronic payments in a cost-effective way, without the need for investing in point of sale terminals. Merchants are able to receive payments directly into their bank account within minutes of a consumer making a payment.